ArcelorMittal is back in profit after a dire year for the world’s steel markets February 10, 2010 ARCELORMITTAL recorded a $1.07 bn (£684 m) profit in the fourth quarter of 2009 on the back of improved steel demand. The results are a significant turnaround from the same period last year when the steelmaker reported a $2.6bn loss. But the company’s profit for the year was $118m, a large drop from the $9.4bn [...]
Google to trial high speed network in United States February 10, 2010 GOOGLE said yesterday it would build a super high-speed broadband network for up to half a million people around the United States in order to experiment with the possibilities of a network running at 100 times current speeds. The company has long argued that it can sell more Web ads – the way it makes [...]
Chi-X moves up European equities market rankings February 10, 2010 CHI-X Europe became the third-largest European equities market by value traded in January, leading exchanges such as Deutsche Boerse for the first time. Trading levels for European equities on the electronic order book of the London-based platform, known as a multilateral trading facility, were valued at €109bn (£96bn) during January, according to figures released yesterday [...]
Rio workers indicted by the Chinese February 10, 2010 CHINA has indicted four employees of Anglo-Australian mining giant Rio Tinto on charges of bribery and stealing business secrets, setting the stage for a trial in the case that has jangled investor nerves. The four who are set to stand trial in Shanghai include Australian citizen Stern Hu, state news agency Xinhua said yesterday. If [...]
ANALYST VIEWS: IS BHP’S DECISION TO INCREASE CAPITAL SPENDING A SURPRISE? February 10, 2010 IVOR PETHER | ROYAL LONDON ASSET MANAGEMENT Xstrata emphasised its capital spending projects yesterday so BHP are just continuing the theme. However its joint venture with Rio has been delayed. Overall it is a good set of results although the debt level is higher than expected. The main base metals and petroleums divisions improved substantially. [...]
Daily Mail is confident of media revival February 10, 2010 NEWSPAPER group Daily Mail and General Trust (DMGT) today hinted that the media sector may be finding its feet after a very tough 2009 although it still remains cautious in its outlook. The FTSE 250 group saw revenue fall eight per cent on an underlying basis to £482m in the three months to December as [...]
Shareholders vote against £2.98m pay of ex Grainger boss Rupert Dickinson February 10, 2010 SHAREHOLDERS at the annual general meeting of property giant Grainger yesterday voted against a multi-million pound payout to former chief executive Rupert Dickinson. Some 55 per cent of voters at the Newcastle meeting vetoed the resolution for Dickinson to receive £2.98m – about six times his salary. Dickinson stepped down in October due to ill [...]
Future sees its revenues tumble 12pc February 10, 2010 Playstation Magazine publisher Future said yesterday that first-quarter revenue fell 12 per cent and it expected trading conditions to remain difficult throughout 2010. The company said projected growth rates were very low and advertising budgets remained soft against tough competition, which continued to put pressure on yields. Future, whose special-interest magazines and websites range from [...]
Rothschild names its first non-relative as chief exec February 10, 2010 BANKING group Rothschild has set its face to the future by confirming it will appoint a non-family member, Nigel Higgins, as chief executive for the first time. Having spent 27 years with the bank, Higgins has considerable pedigree. But in March he will become the only person in the finance house’s 212-year history to take [...]
BEST OF THE BROKERS February 10, 2010 RIGHTMOVE Collins Stewart thinks that consensus forecasts for FY10 are materially too low. It sets a target price of 690p – well above the current share price of 566p. It expects earnings per share forecasts to increase ten per cent to 30p. Valuation based on long term potential remains unchanged, and the broker advises “buy”. [...]